The 30-year fixed-rate mortgage averaged 6.64%, down from last week when it averaged 6.65%, Freddie Mac reported.
News in end use
US Weekly Initial Jobless Claims Trend Lower in the Week Ending March 29
The advance figure for seasonally adjusted initial unemployment claims was 219,000, a decrease of 6,000 from the previous week’s revised total.
US Job Cuts Soar in March
US-based employers announced 275,240 job cuts in March, a 60% increase from the 172,017 cuts announced in February, CG&C reported. Year-over-year, cuts were up 205%.
President Trump Announces 10% Baseline Tariff; Higher Rates on Certain Countries
Trump announced a 10% baseline tariff on imports from all countries and higher tariff rates on dozens of nations, AP reported.
US Residential Construction Spending Rebounds in February
Private residential construction spending increased 1.3% in February, rebounding from a 1.2% dip in January, the Census Bureau and NAHB reported.
US Mortgage Applications Fall in the Week Ending March 28—Third Consecutive Decrease
Mortgage loan application volume decreased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.
ADP Reports Private Sector Employment and Compensation Both Increased in March
Private sector employment increased by 155,000 jobs in March. Year-over-year, annual compensation was up 4.6%.
US Construction Spending Rises 0.7% in February
Construction spending during February was estimated at a seasonally adjusted annual rate of $2,195.8 billion, 0.7% above the revised January estimate.
US Residential Construction Job Openings Rise in February, but Remain Well Below Year-Ago Levels
The number of open construction sector jobs increased from a revised 242,000 in January to 264,000 in February, the BLS and NAHB reported.
US Nonresidential Construction Spending Reaches Record High in February
Nonresidential construction spending increased 0.3% in February, ABC and the Census Bureau reported. On a seasonally adjusted annual basis, spending totaled $1.255 trillion.